Entre-Ch9 Review
Marketing research is ___________________
Where and how you get the facts to support your plan and the proof for what you are planning to do to succeed.
primary research
You gathering information for the first time
secondary research
You go find information from sources that have already been developed
hybrid product
a combination of both goods and services
Purchaser
actually makes the purchase
Core products
basic description of what a product is
tangibility
can use the 5 senses on it (see, touch, taste, smell, hear)
pivot
changing direction
Marketing is about __________
connecting the product to the customer
Not all customers are ______________
created equal
Small businesses have an advantage over big businesses when trying to connect to target market. T or F
T
Heterogeneity
(Service) each time it is provided, it will be slightly different from the previous time
Perishability
(Service) if not used when offered, it cannot be saved for later use
TAM
(Total Available Market) all of the people in a nation, region, or in the world that might consider a product or service
Inseparability
(service) cannot be disconnected from the provider of the service
What percent of patents per year are profitable?
0.1%
What are the 4 phases of the product lifecycle?
1. Intro 2. Growth 3. Maturity 4. Decline
The US patent office issues ____________ patents a year.
100,000
In a typical year, ________________ new products are introduced into the US market
50,000
Marketing research
Systematic collection and interpretation of data to support future marketing decisions
End user (pg286)
Eventually going to use your product
4 P's of marketing:
Product Price Place Promotion
Different types of survey questions:
Scalar--Scale from 1-20 Dichotomous--Only 2 choices (yes/no) Categorical--Selecting certain category (age, race) Open ended--Allows you to express yourself and provide information
customer profile (pg287)
detailed description of a hypothetical/potential customer or a product or service also called a CUSTOMER PERSONA
protoype
first version of a product
services are ____________
intangible (non-physical)
Marketing is:
ongoing and changing
2 types of research:
primary and secondary
feedback
process of communicating within or to the organization about how the output worked/were received. Organizations are seeking information.
Idea screening
process of selecting only the most prominent ideas to be further evaluated for feasibility
Me 2 products
similar to something already on the market
Target market
specifically who you are going to target. "Perfect Fit Customer"
Testimonials
statements made that are allowed to be publicly repeated
goods are ___________
tangible (physical)
The ultimate goal of marketing is?
to get/increase sales